Venice Summer Institute 2023: The ‘70s are Back: Determinants and Implications of High Inflation

Inflation is back. Across the globe, inflation rates have surged to levels not reached since the 1970s.

Unlike in the 1970s, we are in a special position to gain a better understanding of the inflation process: rich microeconomic data largely not available for the 1970s and the large swings in prices provide a unique setting to test existing theories and develop new ones. The goal of this workshop is to discuss current work on micro-level price adjustment behavior and inflation expectations, their implications for inflation and economic activity, and the policy recommendations following from this research.